The merger of the UK's Bibby Offshore and Norway's Rever Offshore makes more sense for the controlling investor than for the subsea companies being combined, according to market sources.
York Capital Management, which is the majority owner in the entities on both sides of the merger, appears to be gathering its subsea-sector exposure under one roof.
The pairing includes Rever subsidiaries Cecon Contracting and the vessel-owning entities for two Cecon ships that have still not been built 11 years after being ordered.
